Former stock trader Jordan Belfort, whose financial crimes during the 1990s inspired the Hollywood movie, says bitcoin will be marketed more as a store of value and less as a growth stock.
05 July 2022 10.04
BitcoinEthereum and others cryptocurrencies majors rebounded from June lows after a brutal drop in cryptocurrencies. The bitcoin price rose back above the $20,000 per bitcoin level before falling back (despite being described as the largest Ponzi scheme in the history of mankind”). Meanwhile, Ethereum led the largest crypto market to the upside, helping smaller coins BNB, XRP, solana, cardano, and dogecoin.
Now former stockbroker Jordan Belfortwhose financial crimes during the 1990s inspired the film The wolf of Wall Streetissued a bullish bitcoin price prediction, stating that its price will “almost certainly” rise in the next three to five years.
“If you took a three or maybe five year horizon, I’d be surprised if you didn’t make any money because the underlying fundamentals of bitcoin are really solid,” Belfort told reporters. Yahoo Financeadding that “with reasonable luck” investors “will.”
It is almost certain that he will earn money in a period of only two years, he insisted.
The price of bitcoin suffered an almighty drop in the last six monthslosing about 70% of its value, as the US Federal Reserve leads central banks around the world in raising interest rates and begins winding down the Age of Economic stimulus measures. pandemic to fight the soaring inflation.
Smaller cryptocurrencies saw even steeper declines, with the price of ethereum, BNB, XRP, solana, cardano, and dogecoin falling further.
Lacada de Bitcoin in the face of decades of high inflation of its reputation as “oro digitalthat had surfaced in recent years. However, Belfort hopes that Bitcoin will eventually trade similarly to gold.
“It doesn’t surprise me one bit that [bitcoin] is doing that and it would be more surprising if Bitcoin was already trading as an inflation hedge, because it’s still very nascent,” Belfort said. “There is no real institutional ownership in bitcoin, for example, you don’t have a pension fund of teachers holding bitcoin for a ten-year hedge; it’s not like that yet.”
Over the past two years, the price of bitcoin has soared higher, hitting nearly $70,000 per bitcoin last year and reflecting high-growth tech stocks that fueled a huge stock market rally.
“[Bitcoin] is in limited supply and as inflation continues to rise, there will come a time when it will start to be marketed more as a store of value and less as a growth stock,” Belfort said.
*With information from Forbes US.